Warren Buffett will step down as Berkshire Hathaway CEO at the end of 2025, paving the way for longtime successor, vice chairman Greg Abel, to take the reins.

Warren Buffett first shared that Greg Abel would take over as CEO in 2021, but no one was quite prepared to hear him officially pass the baton last weekend at the Berkshire Hathaway ( BRK.A 0.29%) ( BRK.B 0.61%) annual meeting.

Warren Buffett shocked an arena full of his shareholders when he announced his intention Saturday to step down as the CEO of Berkshire Hathaway at the end of the year. The 94-year-old legendary investor also said he will recommend to his board that Greg Abel should become CEO.